Home  |  Sitemap  |  Contact
Annual Report
2018
Download report
   
Announcements

Date: 22 December 2017

MATERIAL LITIGATION BERTAM ALLIANCE BERHAD ("Bertam" or "the Company") In the High Court Kuala Lumpur Winding Up Petition No. WA-28NCC-518-08/2017 R & C Cergas Teguh Sdn Bhd ("Petitioner") Vs Bertam Development Sdn Bhd ("Respondent") In the Appeal Court of Malaysia Appeal Civil Suit No. W-02(C)(A)-1277-0/2017 Bertam Development Sdn Bhd ("Appellant") Vs R & C Cergas Teguh Sdn Bhd ("Respondent")


Type Announcement
Subject MATERIAL LITIGATION
Description BERTAM ALLIANCE BERHAD ("Bertam" or "the Company") In the High Court Kuala Lumpur Winding Up Petition No. WA-28NCC-518-08/2017 R & C Cergas Teguh Sdn Bhd ("Petitioner") Vs Bertam Development Sdn Bhd ("Respondent") In the Appeal Court of Malaysia Appeal Civil Suit No. W-02(C)(A)-1277-0/2017 Bertam Development Sdn Bhd ("Appellant") Vs R & C Cergas Teguh Sdn Bhd ("Respondent")

Reference is made to the announcements made on 6 October 2016, 28 February 2017, 27 July 2017, 8 August 2017, 24 August 2017, 14 November 2017 and 11 December 2017 respectively.

The Board of Directors of Bertam Alliance Berhad ("Bertam" or "the Company") wishes to announce that Bertam Development Sdn. Bhd ("BDSB" or "the Respondent"), a wholly-owned subsidiary of the Company had on 20 December 2017 served with a sealed copy of the Winding Up by Court dated 30 November 2017 and Sealed Allocator dated 19 December 2017 by Messrs. T G Lee & Associates, the solicitors acting for the Petitioner ("the Order").

The particulars of the Order are as follows:-

  1. That BDSB will be wound by the High Court of Malaya at Kuala Lumpur under the provisions of the Companies Act, 2016;
  2. That the official receiver be appointed as liquidator of BDSB; and
  3. Cost of RM5,000-00 payable to the allocator.

The circumstances leading to the Order against BDSB was due to default of outstanding payment of RM4,568,203.47 as at 25 July 2017 and continuing interest at the rate of 7.65% per annum on RM4,111,267.73 from 26 July 2017 until full and final realization of the total sum due and owing to the Petitioner for payments claims on construction work.

BDSB is a major subsidiary of Bertam. The total cost of investment in BDSB is RM5,225,211.00

The financial impact from the winding up proceedings is the loss of investment of BDSB. There is no impact on the operation of the Bertam Group.

The Company is seeking the necessary legal advice to resolve and/or defend against the above matter. Further announcement on the development of the above matter will be made to Bursa Malaysia Securities Berhad in due course.

This announcement is dated 22 December 2017.





Back

Terms of Website Use
Designed by: